Manhattan Apartment Sales Fell in Second Quarter, Except for Luxury Units

By Tom Liddy on June 18, 2011 12:22pm 

Sales of Manhattan condos and co-ops are off 11 percent in the second quarter from the same period last year.  However, luxury sales are booming.
Sales of Manhattan condos and co-ops are off 11 percent in the second quarter from the same period last year. However, luxury sales are booming.
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Getty Images/Mario Tama

By Tom Liddy

DNAinfo News Editor

MANHATTAN - Apartment sales in Manhattan are down more than 10 percent in the second quarter compared to the same period last year, according to a published report.

The slumping sales of condos and co-ops show an 11 percent dropoff from the same time last year, when turnover was booming in the wake of the financial crisis, according to the Wall Street Journal.

The data also showed that prices were stagnant, with the median dropping 1.2 percent and the average price rising 1.5 percent during that time period to $1.39 million, the paper said.

"Except for the upper end, the tenor of the overall market is not as positive as it was a couple of months ago," Pamela Liebman, the president of the Corcoran group, told the Journal.

The luxury market is on fire, though.

The paper said that the number of apartments selling for more than $5 million that are in contract are 38 percent ahead of last year.

And the high-end buying spree is resulting in some big-time purchasers paying more than the asking price, the report said.


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